Wressle Update

August 3, 2023

Egdon Resources plc (AIM:EDR) the UK Energy Company, provides an update on the Wressle well and expected timing of publication of the Competent Person’s Report currently being undertaken by ERC Equipoise Ltd (“ERCE”).

• Cumulative production from the Wressle-1 well totalled 492,876 barrels of oil through to the end of July 2023


• The well continues to produce under natural flow

• Limited volumes of water have been observed, with water cut averaging 3.72% of total field production during July 2023

• The start of water production is significantly later than originally anticipated, providing further evidence that the expected recoverable volumes from the Ashover Grit will be at the higher end of the estimates detailed in the independent Competent Person’s Report (“CPR”) prepared by ERCE and announced on 26 September 2016. The 2016 CPR forecast gross volumes from the Ashover Grit of 2P 0.54 MMstb and 3P 1.12 MMstb.

• The advent of water is now being incorporated into ERCE’s reservoir modelling and resource assessment work streams, which will be reflected in the new Competent Person’s Report

• A more detailed update will be provided when the Competent Person’s Report has been completed